(after stating the facts.) — We have copied in full in the foregoing statement the amended bill, 'the demurrers interposed thereto and the assignments of error predicated upon the order of the court overruling such demurrers, omitting only the formal parts of the several instruments. Our purpose in doing this is to show clearly just what points are presented to us for consideration and determination. As will be readily seen, all of such points are embraced within the general question as to whether or not the amended bill is sufficient to withstand the attack made upon it by the demurrers. That question we shall now undertake to answer, but without discussing the several assignments in detail.
It seems well to begin with the consideration of the proper construction to be placed upon section 2494 of the General Statutes of 1906, which is as follows:
“2494. (1981.) Instruments deemed mortgages. — All deeds of conveyance, obligations conditioned or defeasible, bills of sale or other instruments of writing conveying or selling property, either real or personal, for the purpose or with the intention of securing the payment of money, whether such instrument be from the debtor to the cred
Originally this section formed section 1 of an act approved the 30th day of January, 1838, found on page 12 of the Acts of 1838, reading as follows:
Section 1. Be it enacted by the Governor and Legislature Council of the Territory of Florida, That all deeds of conveyance, bills of sale, or other instruments of writing, conveying or selling property, either real, personal or mixed, for the purpose, or with the intention of securing the payment of money, whether such deed, bill of sale, or other instrument, be from the debtor to the creditor, or from the debtor to some third person or persons in trust for the creditor, shall be deemed and held as mortgages, and shall.be subject to the same rules of foreclosure, to the same regulations and restrictions as now are, or may hereafter be prescribed by law, in relation to mortgage.”
This act was amended by Chapter 525 of the Acts of 1853, found on page 104, reading as follows:
“An Act to amend the Laws now in force relating to Mortgages.
Section 1. Be it enacted by the Senate and Bouse of Representatives of the State of Florida in General Assembly Convened, That all deeds, obligations, conditioned or defeasible, bills of sale, or other instruments of writing, made for the purpose, or with the intention of securing the payment of money, whether such instruments of writing be from the debtor to the creditor, or from the debtor to some third person, or persons in trust for the creditor, shall be deemed, and held as Mortgages, and shall be subject to the same rules of foreclosure, to the same regulations, restrictions, restraints and forms, as
Sec. 2. Be it further enacted, And declared, that a constructive possession, or possession in the eye of the Law, by the Mortgagee, shall not be allowed to impair, or bring in question, the actual, and for ages, the admitted right of possession of the Mortgagor, until deprived thereof by decree; that a Mortgage is, and shall be, held in our Courts a specific lien on property, thereon for a specific object, and in point of fact as well as law, the Mortgagee is incapable of acquiring possession until after decree of foreclosure, and then only by bidding, and out bidding all competitors in market.
Sec. 3. Be it further enacted, That all acts, or parts of Acts, conflicting with the true intent and meaning of this Act, be and the same are hereby repealed.
(Passed the House of Eepresentatives, January 3, 1853. Passed the Senate, January 6, 1853. Approved by the Governor January 8, 1853.)”
This Chapter was brought forward, with certain modifications, into the Eevised Statutes of 1892 as sections 1981 and 1982. Such section 1981 is the same as section 2494 of the General Statutes of 1906, which we have copied above, and such section 1982 is brought into the General Statutes as section 2495, which is as follows:
“2495. (1982.) Nature of a mortgage. — A mortgage shall be held to be a specific lien on the property therein
The differences in the acts of 1828, 1853 and the sections of the Revised and General Statutes are obvious, so that no comment thereon is necessary.
These sections in their different forms have been before this court several times for construction. In McGriff v. Porter,
Taking up now for consideration the bill and the exhibit attached thereto and made a part thereof, and looking at the same in the light of the cited authorities, does the instrument of which such exhibit to the bill is a copy fall within that class of instruments contemplated by the statute so that it must be deemed and held a mortgage? That is the crucial question presented by the assignment of errors and which we are called upon to answer. Having copied the bill and exhibit in the prefatory statement to this opinion, we shall not undertake to set forth herein in
It would seem that the foregoing synopsis of the allegations of the bill will be sufficient to enable us to answer the question now under consideration. Other allegations of the bill will be adverted to later. We must now look at the exhibit to the bill. We find that such instrument was signed by Hull as well as by the Port Tampa Phosphate Company by H. W. Rowell, its President. We pass over the informalities connected with the execution of such instrument which are readily apparent but there is no occasion to consider, since no point is attempted to be made thereon. However, see Margarum v. J. S. Christie Orange Co.,
It will be observed that nothing whatever is said in this instrument as to the possession of such property or the right of possession. Is it not significant that the Port Tampa Phosphate Company continued to remain in possession of such property from the date of such instrument, the 9th day of June, 1905, until after it was adjudged a bankrupt in the month of November, 1905, and that Hull continued to advance money to it, which was applied toward the construction, extension and completion of the phosphate plant thereon? If the absolute legal title to such property became vested in Hull by the execution of the deed to him by Boswell’s assignees, is it not a little singular that this instrument, with its rather peculiar phraseology, should have been executed contemporaneously with such deed and that nothing should be said therein about the possession or the right of possession? It will be observed from the description of the property in such instrument which forms an exhibit to the bill, that a portion thereof was personalty. As was said in Briggs v. Weston,
We have not lost sight of the fact that the legal title to the property in question was never vested in the Port Tampa Phosphate Company, but that such corporation was only the equitable owner thereof, entitled to have the legal title vested in it by a proper conveyance upon the
By virtue of his appointment and qualification as trustee in bankruptcy of the Port Tampa Phosphate Company the complainant succeeded to and acquired all the title and rights of such corporation of, in and to the property in question. It is obvious, however, from the allegations of the bill that a court of law could not afford complainant a plain, adequate and complete remedy, so as to render a resort to a court of chancery unnecessary and improper. See Barnett v. Hickson,
We see no useful purpose to be accomplished by a further prolongation of this opinion. Although we have declined to discuss the different errors assigned in detail, we have considered each and every of them and have given all the pleadings and briefs of counsel close study. We appreciate the full and elaborate manner in which the points have been presented to us by the respective counsel, including the copious citations of authorities, but we do not think it advisable to enter upon a more detailed discussion of the points raised. What may develop in the further progress of the case we do not know. We find no reversible error in the interlocutory order overruling the two demurrers to the bill, therefore the same must be affirmed.
